?????,?????????CAR-T(??????????T??)????????????“????”?????????

CAR-T??????,???????:??????,??????????????“??????????????????”?“???????????????,???????????????”???????,??????????????????,????

??“??????????”,???????????

? 11 ???????,?????????????????,99.9??????????CAR-T?????????????,???????????CAR-T??????1?????????????,??????CAR-T???????????????????,??,?????120???????CAR-T????60????????????????????????????

8???,??,?????????????????????????CAR-T??????????6????????????CAR-T??“???????”?????????,???????,?“?????????????”????????????,?“?????????????”??????????“??????”???????,????

?????,????:??????“??????????????”???????????“????????????????????”????????,??????????????CAR-T?????????????????“???????????????????”????,????????

????????,????????“????????????????????”?????????????????,??????????????,CAR-T???,?????

???????

??????????????70%???60%????????????,?“??????????????????”???????????41.3%?

??,??????????,??????????????“???????”????????????????????????????????,?????????,?????????????????????????“?????????”,?????,???

??CAR-T?????,“????????????????????????????”??????

??????????®(???????????????????)????,??????????????????2021??????????,????????????,??,??????

????????“??”?,????8???????,??,???/??????????????,????????????????????????????,??????4??????????CAR-T????????

????????,????????,???????????29???????????????,???30?????????????????????,????????????????????99.9????/????????????~120????/???????????CAR-T???????,??

?????????????????????4?????????????,????????,???????,????,???????????????????,???????CAR-T????????????????,????????CAR-T??????

????????????????????,CAR-T????????????????,?????????????????“???”,????????????????????????“??”???????,???????????CAR-T??????????????????,?????????

???????????????,????????,????????????

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??,CAR-T?????,???????:

??,CAR-T??100??,?????????????“??”????????????2023??????1.9??????(19.4%)????1.7?????????(25.3%),????????????,??????????“??????????”???????????????,?“?30???????”???????????????,???“???”?

?,??????,???????,???,??????????CAR-T???????,??????????,????,??????????????,???“?”??

????????????

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????,?????????????????????????????????????????????????,????????CAR-T??,?????????????????

??????????1??????,????????“??????”,???,??60???????????

???????????2024???????????????,?????????????,?????,????????,????????????,???

???????????????????????????:“???????????????,??,???”

?????????????????,??,???????????????,?????????????????“???????”,??????????????????????????,????????????????????????,????????????,?,?,??,???????

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??????????????,??????

????“?????????”???,???????????????,????

???????????????,???,???,????????????,??????????????????

“????,????300??,??????CAR-T???????????,CAR-T????????????????????,???????????,????????????????,???‘??????????’???????,?????????????,??,??,?,?????????,????????????????;???,???,????,??‘?’?”?????????????????

??“?????????”??,?????????????????????????????,???????????????????

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?????,????????????????????????,??????,???????

????????????????“?????????”,????????????,?????????????????????

???100?????CAR-T????????,?????????????,??????????????,???????????????,????????????????CAR-T??26??,???????,?????????4????,?????

??“??”,??,???,??????

“?????????100?????,??CAR-T??????????????????,??????????????,???????????????????????????????,???????????????,???”?????????,???????????????????,???;???????????????????;?????????????????????,????????,???????????????????

CAR-T??

???CAR-T?????,?????:CAR-T????????????????????????????????CAR-T??????????????????

?????????????CAR-T??,????????,?????????????????????,??????????CAR-T??,??????????????????????,????????????????

????????????????,??“???????????”???,???????????,????,???“????????”???????????????????,??,??????????????????????CAR-T???,??,?????

????????????????????,CAR-T????????,????DRG/DIP?????,?“??”??,???“????????????????????,??????????????????,??????????”???????????

?????????????,“???”??,?????“???????????????”?????????????????,??????CAR-T??????????????????????

“???????????CAR-T??50%~70%?????????”???????CAR-T??????????

??????????????,?????????CAR-T?????????????????,???????????????????,???????,???CAR-T?????????????????????????????????????4.3??????????,????CAR-T??????

??????????,???????,CAR-T??,?????????????????,??CAR-T???????????????

?????CAR-T???????,????PD-1?????????,CAR-T??,?????,?????????,???????,???????????,???,?????????

?????????????????????2024??????????????????????3??1?????????CAR-T??(????)???????,??????? CAR-T??11 ?,??6?????????

????????“2025-2030???????(CGT)?????????????????????”?????????????????,??,???CAR-T?????????????,2023??20%,???????????????????????184?????,??????168???????????????????????????????

??????????????????,???????????,????CAR-T???????????????????“???”???????????????????????????

??????????,2032??????CAR-T????????885.2????????????????,??“?????,????????????”(??? ?????????????:???????) ???????????????????????:??????? ??“????98?”????

?? ??|???????,“???????”?????

????:1?????98?:??????

2??????

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4???????

5????????

?????,?????????CAR-T(??????????T??)????????????“????”?????????

CAR-T??????,???????:??????,??????????????“??????????????????”?“???????????????,???????????????”???????,??????????????????,????

??“??????????”,???????????

? 11 ???????,?????????????????,99.9??????????CAR-T?????????????,???????????CAR-T??????1?????????????,??????CAR-T???????????????????,??,?????120???????CAR-T????60????????????????????????????

8???,??,?????????????????????????CAR-T??????????6????????????CAR-T??“???????”?????????,???????,?“?????????????”????????????,?“?????????????”??????????“??????”???????,????

?????,????:??????“??????????????”???????????“????????????????????”????????,??????????????CAR-T?????????????????“???????????????????”????,????????

????????,????????“????????????????????”?????????????????,??????????????,CAR-T???,?????

???????

??????????????70%???60%????????????,?“??????????????????”???????????41.3%?

??,??????????,??????????????“???????”????????????????????????????????,?????????,?????????????????????????“?????????”,?????,???

??CAR-T?????,“????????????????????????????”??????

??????????®(???????????????????)????,??????????????????2021??????????,????????????,??,??????

????????“??”?,????8???????,??,???/??????????????,????????????????????????????,??????4??????????CAR-T????????

????????,????????,???????????29???????????????,???30?????????????????????,????????????????????99.9????/????????????~120????/???????????CAR-T???????,??

?????????????????????4?????????????,????????,???????,????,???????????????????,???????CAR-T????????????????,????????CAR-T??????

????????????????????,CAR-T????????????????,?????????????????“???”,????????????????????????“??”???????,???????????CAR-T??????????????????,?????????

???????????????,????????,????????????

?????????«??????????????»????????????????,??????????????,??????“??????”?,???????????“??????”???????,?????????????????????????

??,CAR-T?????,???????:

??,CAR-T??100??,?????????????“??”????????????2023??????1.9??????(19.4%)????1.7?????????(25.3%),????????????,??????????“??????????”???????????????,?“?30???????”???????????????,???“???”?

?,??????,???????,???,??????????CAR-T???????,??????????,????,??????????????,???“?”??

????????????

?????????????????????????,??????????????CAR-T???????????,????“??,????”???????????,?????“????????????????????”????????????????????????????

????,?????????????????????????????????????????????????,????????CAR-T??,?????????????????

??????????1??????,????????“??????”,???,??60???????????

???????????2024???????????????,?????????????,?????,????????,????????????,???

???????????????????????????:“???????????????,??,???”

?????????????????,??,???????????????,?????????????????“???????”,??????????????????????????,????????????????????????,????????????,?,?,??,???????

???,??????????“1+3+N”????????,???????????“N”????,??????????,????????????????????????“N”?????????????????,???

??????????????,??????

????“?????????”???,???????????????,????

???????????????,???,???,????????????,??????????????????

“????,????300??,??????CAR-T???????????,CAR-T????????????????????,???????????,????????????????,???‘??????????’???????,?????????????,??,??,?,?????????,????????????????;???,???,????,??‘?’?”?????????????????

??“?????????”??,?????????????????????????????,???????????????????

?????,????????????,????????????????????,??????????,???????????????,???????50??,??,?????,?????????????????????????

??????,????,?????,?????????????????????????????,???

??,??????????,???????????????????????,?????“?????”,????????,???????????????????????????????????????????????????????,???????????????????????????????

?????,????????????????????????,??????,???????

????????????????“?????????”,????????????,?????????????????????

???100?????CAR-T????????,?????????????,??????????????,???????????????,????????????????CAR-T??26??,???????,?????????4????,?????

??“??”,??,???,??????

“?????????100?????,??CAR-T??????????????????,??????????????,???????????????????????????????,???????????????,???”?????????,???????????????????,???;???????????????????;?????????????????????,????????,???????????????????

CAR-T??

???CAR-T?????,?????:CAR-T????????????????????????????????CAR-T??????????????????

?????????????CAR-T??,????????,?????????????????????,??????????CAR-T??,??????????????????????,????????????????

????????????????,??“???????????”???,???????????,????,???“????????”???????????????????,??,??????????????????????CAR-T???,??,?????

????????????????????,CAR-T????????,????DRG/DIP?????,?“??”??,???“????????????????????,??????????????????,??????????”???????????

?????????????,“???”??,?????“???????????????”?????????????????,??????CAR-T??????????????????????

“???????????CAR-T??50%~70%?????????”???????CAR-T??????????

??????????????,?????????CAR-T?????????????????,???????????????????,???????,???CAR-T?????????????????????????????????????4.3??????????,????CAR-T??????

??????????,???????,CAR-T??,?????????????????,??CAR-T???????????????

?????CAR-T???????,????PD-1?????????,CAR-T??,?????,?????????,???????,???????????,???,?????????

?????????????????????2024??????????????????????3??1?????????CAR-T??(????)???????,??????? CAR-T??11 ?,??6?????????

????????“2025-2030???????(CGT)?????????????????????”?????????????????,??,???CAR-T?????????????,2023??20%,???????????????????????184?????,??????168???????????????????????????????

??????????????????,???????????,????CAR-T???????????????????“???”???????????????????????????

??????????,2032??????CAR-T????????885.2????????????????,??“?????,????????????”(??? ?????????????:???????) ???????????????????????:???????